Stocks Flat Ahead of the Bell

First Look

Major indices are relatively unchanged ahead of the open Thursday morning. The Federal Reserve lowered interest rates by a quarter-point Wednesday afternoon, lowering the range for the Fed Funds Rate to 1.75% to 2%. The cut was the second one in 2019 and generally met market expectations. The move is an attempt at strengthening the U.S. economy as uncertainty on global economic growth continues to rise in the wake of the lingering trade war with China. Fed Chair Jerome Powell offered few hints on additional rate cuts, with Fed officials split on the need for additional easing. The S&P 500 is down -0.15%, the Dow Jones is down -0.17%, the Nasdaq is down -0.24%.

Today's market outlook is Neutral

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Steve Jobs

Stocks on the Move

Target Corporation (TGT), Linde PLC (LIN) and Microsoft Corporation (MSFT) are moving higher this morning, while Akamai Technologies, Inc. (AKAM), and Darden Restaurants, Inc. (DRI) are headed lower.Twilio Inc (TWLO), Hyatt Hotels Corporation (H) and Cousins Properties Inc (CUZ) were upgraded by analysts this morning, while United States Steel Corporation (X), Brown-Forman Corporation Class B (BF.B) and CME Group Inc (CME) were downgraded.

International Markets

Stocks in Asia are mixed. The Australia ASX All Ordinaries is up 0.51%, the Shanghai SE Composite Index is up 0.46%, the Nikkei 225 is up 0.38% the Hang Seng is down -1.07% and the Mumbai Sensex is down -1.29%. In Europe stocks are up. The FTSE 100 is up 0.72%, the CAC 40 is up 0.51%, the Euro Stoxx 50 is up 0.48% and the DAX is up 0.25%.

Futures and Currencies

Energy futures are mixed today. The price for West Texas Intermediate crude oil is up 1.13 at 59.24 per barrel. Brent crude is up 1.39 at 64.99 per barrel. Natural Gas is down -0.07 at 2.62. Precious metals are down this morning. Gold is down -0.83 at 1501.3 per ounce. Platinum is down -2.04 at 933.49 while silver is down -0.05 at 17.87. The dollar is down compared to the major currencies today. The greenback is down against the euro, down against the Yen and down against the Pound.

Put/Call Ratio

Yesterday, 828,372 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 583,584 put contracts. The single-session put/call was 0.7 while the 20-day moving average is now at 0.64.

Earnings Expected Today

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  • 52-week Range:
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Today's Economic Calendar

What's Happening Period Release Time
Initial Claims 09/14 08:30
Continuing Claims 09/07 08:30
Current Account Balance Q2 08:30
Philadelphia Fed Index Sep 08:30
Existing Home Sales Aug 10:00
Leading Indicators Aug 10:00
EIA Natural Gas Inventories 09/14 10:30

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